This would account for only 64% of its interest and 8.5% of the issued capital in Woodside.

“Following strong demand from institutional investors” Shell sold $2.7bn (US$2bn) dollars’ worth of shares, being 13.28% of Woodside, and 100% of Shell’s shareholding.

“This sale is another step towards the completion of our three-year $30 billion divestment programme, which is an important part of our strategy to reshape Shell, to deliver a world class investment case, and to strengthen our financial framework. Proceeds from the sale will contribute to reducing our net debt,” stated Shell’s Chief Financial Officer, Jessica Uhl.

An analyst at Tudor, Pickering, Holt & Co commented on Shell’s $30bn target, saying: “is easily within reach and we see the potential for this to be increased at the Management Day” on 28 November.